Loading...
HomeMy WebLinkAboutResolution 1990-003 RESOLUTION NO. 90-03 A RESOLUTION GRANTING APPROVAL TO THE TARRANT COUNTY HOUSING FINANCE CORPORATION FOR THE USE OF THE PROCEEDS OF ITS SERIES 1990 SINGLE FAMILY MORTGAGE REVENUE BONDS TO FINANCE HOME MORTGAGES FOR SINGLE FAMILY HOMES LOCATED WITHIN THE CITY. WHEREAS, pursuant to the Texas Housing Finance Corporations Act, Chapter 934, Local Government Code, V.T.C.A. (the "Act"), the creation of the Tarrant County Housing Finance Corporation (the "Corporation"), was approved by resolution of the governing body of Tarrant County, Texas (the "County"), adopted on the 14th day of April, 1980, to provide a means of financing the cost of residential ownership and development that will provide decent, safe and sanitary housing for residents of the County at prices they can afford; and WHEREAS, the Corporation has the power under the Act to issue its bonds to defray, in whole or in part, the costs of purchas ing 0 r funding the making of home mortgages, provided that the aggregate principal amount of such bonds in any ca lendea r yea r sha 11 not exceed the tota 1 of (a) the costs of issuance of such bonds, any reserves or capi talized interest required by the resolution or resolutions authorizing the bonds, p Ius any bond disscounts, and (b) the largest of (i) $20,000,000, (ii) a figure determined by multiplying $150 times the population of the County as determined by the Corporation's rules and regulations, resolutions relating to the issuance of bonds, or financing documents relating to such issuance, or (iii) an amount equal to 25 percent of the total dollar amount of the market demand for home mortgages during such calendar year as determined by the Corporation's rules or regulations, resolutions relating to the issuance of bonds, or financing documents relating to such issuance; and WHEREAS, ln accordance with the Act the Corporation is not permitted to provide financing of home mortgages for homes which are located within a municipality with more than 20,000 inhabitants as determined by the Corporation's rules, resolutions relating to the issuance of bonds, or financing documents relating to such issuance, unless the governing bOdy of the municipality approves the application of the Act to the property located within the municipality; and WHEREAS, the Board of Directors of the Corporation has requested the approva 1 of the governing body of the Ci ty of North Richland Hills, Texas (the "City") to provide financing for home mortgages for homes within the City with the proceeds of the issuance of the Corporation's proposed Series 1990 Single Family Mortgage Revenue Bonds (the "Bonds"); NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: SECTION 1. SECTION 2. SECTION 3. SECTION 4. That the preambles to this Resolution are hereby adopted in their entirety and incorporated herein as though set forth in full herein. The governing body of the City hereby approves the application of the Act to the property within the Ci ty and grants its approval to the Corporation for the use of proceeds of the bonds to finance home mortgages for single family homes located within the City. To indicate the this program, a forwarded to Department. City's desire to participate in copy of this Resolution will be the Tarrant County Planning This Resolution shall be effective from and after its passage. PASSED AND APPROVED this 22nd of January ATTEST: , 1990. ~·7~~ ./ Mayor (l ~ c¥~ APPROVED AS TO FORM: / / ¡ I ~"/f-v··' ~.+-r l / ,/" / Attorney o '> ( ] l -2-